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THE NEWS, Tuesday, December 6, 2011 •
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BUSINESS Redevelopment of college site to begin soon New College Heights project will bring high-end units, penthouses to QB By NEIL HORNER NEWS REPORTER Qualicum Beach residents might want to take one more long look at the dilapidated state of the old College Inn, because it’s about to change — and for the better. That’s because the Town of Qualicum Beach this week issued a building permit for the development of 40 high-end condominium units at the site — to be renamed College Heights. Dean Pomeroy owns Pomeroy Restoration and Construction Ltd., the company redeveloping the old College Inn site and he said he couldn’t be happier to be able to finally move forward on the project. “It’s hard to believe. It has been almost six years,” he said. “It’s been quite a process we hadn’t planned on.” Pomeroy said the
building permit is for the first phase of the project, which includes 20 units, many of which will be housed in the historic boys college building. “It’s mainly the heritage building now, and the most easterly of the building,” Pomeroy said. “The other phases will be 12 units and then eight.” The old college building, which has been declared a heritage building by the municipality, will retain much of its current look on the exterior, but will include four twostorey units on the second and third floors, a main amenity space for resident and public use, meeting rooms, two hotel-style one bedroom suites for visitor use, a kitchen and barbecue dining area on two floors. “We have a community use agreement put in place that allows the use of the main floor and some lower floor areas
Ainsley Foster and Dean Pomeroy celebrate the issuance of a building permit for the College Heights development. NEIL HORNER PHOTO
of the heritage building,” Pomeroy said. “The meeting rooms, kitchen, barbecue area and outside deck can be used by the community. We’ve got a lot of the old college memorabilia, such as pictures and the old cane and we are going to take the old
crest into the main entry of the heritage building. The heritage designation is just for the outside, but we want to bring it inside, too.” The new buildings to be constructed at the site will somewhat reflect the style of the original build-
ing, with heavy timber features at the entry ways, balcony and roof areas, as well as heavy timber construction for exterior arbors and trellises and stone facing on the ground floor. The units won’t come cheap, ranging in price from $555,000 on the low end to almost $1.4 million for a penthouse. The units are all large, he added, in the range of 1,900 square feet. Despite the price, Pomeroy said interest has been strong already, even though the marketing campaign hasn’t even kicked off. “We’ve got quite a lot of pre-registrations and we hope those are going to translate into sales,” Pomeroy said. “We roll out the major marketing campaign today, sending packages to Alberta and Saskatchewan.” That’s important, because construction can’t begin until at least nine of the units are sold. However, Pomeroy is confident
he won’t have any trouble making that goal in relatively short order. “We are in the process of tendering the project,” he said. “We have all the plans in now and the tender closes on Dec. 15.” Once the first shovel bites into the earth, Pomeroy estimated it will take between 16 and 18 months to complete the first phase. Pomeroy said the project, once completed, will prove to be a financial boon to Qualicum Beach. “I think it’s a huge tax base,” he said. He acknowledged there was a fair amount of opposition to the redevelopment, but stressed that all issues had to be dealt with in order to secure the building permit. He noted as well that there were many who supported his team right from the beginning. “It was a tough road and there were a lot of people who were against the project, but a lot of people were for it.” news@pqbnews.com
A new year means taking steps to evaluate financial progress
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t a very volatile year for stock and bond markets in 2011, largely due to uncertainty of the strength of certain European economies. There is nothing we can do on a large scale, but we have some control over what is within our grasp. Many portfolios are in the red this year (as of mid October), which has led to capital loss and an income reduction in some cases. If you have found yourself worried over the stock markets and your portfolio performance
during the past year, it may be a good time to review your appetite for risk. Remember that a reduced risk profile may lead to an increased bond component and income that is taxable at your highest marginal rate. It is important to balance your required income and level for risk to ensure you are not actually earning less in real dollars due to the different tax rates for various asset classes. Now is a good time to evaluate your financial progress and performance for
the year. Although no one can tell what the next year will bring, the financial plan you have built should see you through both good and bad times. It is important to remember the success of your investments doesn’t depend on just one year’s performance, but rather, on your commitment to remain invested over the long term. Goals are not reached over months, but decades. That is easy to forget sometimes, but a clear vision of the big picture and a financial roadmap to
Financial Fitness By Carol Plaisier get there will help you through the volatile times. Meet with your advisor on a regular basis, don’t let unanswered questions leave you worried. Jointly, you and your advisor will make sure your portfolio is still soundly
aligned with your risk profile and long-term goals. In order for the plan to work for you, it must be up to date; have there been any changes in your life that might affect your personal financial situation over the last year? Think back over the year, how many times did your advisor call you, did you meet face to face, did you understand everything they said or did they talk over your head? If you did not answer positively to all of these questions, it may be the reason why your financial
plan is out of date, and maybe, why you need a second opinion. Year end brings a time to reflect and a time to consider what you want to change for the new year. Taking action will be your important first step and may bring a new year with new opportunities! For further information, Carol Plaisier, CFP®, Investment Advisor with DWM Securities Inc., can be reached at the DundeeWealth office in Parksville (250) 248-2399, or by email
Structuring Retirement Income • Life Annuities • GICs • ETFs (Exchange Traded Funds) • Dividends • Oil and Gas Income Trusts • REITs (Real Estate Investment Trusts) Robert Willis, CFP® Senior Investment Advisor DWM Securities Inc.
Call Robert Willis, CFP® today 250-752-5100 Your Retirement Income Specialist
Member of the Scotiabank Group™
(250) 752-5100 • 2-668 Beach Road, Qualicum Beach V9K 2R1.
rwillis@dundeewealth.com
*Insurance Products provided through Dundee Insurance Agency Ltd.
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cplaisier@dundeewealth.com or via www.carolplaisier. com. This article was prepared by Carol Plaisier, CFP®, FMA, AMP (Accredited Mortgage Professional) who is an Investment Advisor with DWM Securities Inc. This is not an official publication of DWM Securities Inc. and the views (including any recommendations) expressed in this article are those of the author alone, and they have not been approved by, and are not necessarily those of DWM Securities Inc. DWM Securities Inc., Member-Canadian Investor Protection Fund, is a DundeeWealth Inc. Company.
1.95% 2.15% 2.30% 2.45% 2.75%
As at December 5, 2011. All rates are subject to change without notice.
(All companies represented are members of CDIC, CUDIC or ASSURIS, minimums may apply.)